New Delhi, Dec 18: The Oil and Natural Gas Corporation Ltd. (ONGC) has achieved the unique distinction of becoming the first-ever Indian company in Fortune Magazine"s annual list of the World"s Most Admired Companies.
This achievement is based on a survey of the Fortune companies across the globe, conducted by the Fortune magazine, in association with world-renowned Hay Group. ONGC finds the pride of place in the list released by Fortune for the year 2007. Dr. Srini Srinivasan, Managing Director of the Hay Group (India), presented the memento to R S Sharma, CMD, ONGC, here today.
In the analytical global survey published by Fortune in July 2007, ONGC has been ranked at ninth position in the Industry segment of 'Mining, Crude Oil Production". Dr. Srinivasan shared that in the evaluation study, a rigorous selection process is followed to select the Most Admired Companies. Fortune selects companies from America"s 1000 Top Companies and the Fortune Global 500.
These companies are then clustered and an elite panel of industry analysts and Board members of the companies (for peer group survey) analyses the performance of these companies holistically on nine (9) Key Attributes of Reputation, viz. (i) Quality of Management (ii) Ability to retain top people, (iii) Quality of products and Services, (iv) Innovativeness, (v) Financial soundness (vi) Long term investment value, (vii) Social Responsiveness, (viii) Wise use of corporate assets and (ix) Globalness.
ONGC also ranks 369th among the Fortune Global 500 companies for the year 2007 on Turnover, and 121st on Profits. In the categories - 'Highest Return on Revenues" and 'Highest Return on Assets", ONGC ranks 20th and 18th respectively, among the elite global corporations.
Speaking after the event, Sharma said that this global admiration is a tribute to the entire team of ONGC and ONGC Group of Companies. Complimenting Team ONGC for this exclusive global recognition, the CEO said, “Our growing focus on ethics and corporate governance has won this distinction and we are optimistic that going forward, we will keep getting more and better recognitions".